REGISTERED NUMBER: SC312804 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Forrest Hotels Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTORS:

Mr M V Keenan

Mr D A Sharp

Mr D G W Stewart

Mr C D Trainer

Mr K A Vallance

SECRETARY:

Mr D A Sharp

REGISTERED OFFICE:

7 Seaward Street

Paisley Road

Glasgow

G41 1HJ

REGISTERED NUMBER:

SC312804 (Scotland)

AUDITORS:

Stevenson & Kyles

Chartered Accountants

Statutory Auditor

25 Sandyford Place

Glasgow

G3 7NG

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The Directors are pleased to note that the company has performed well in 2024 with turnover rising from £9.6m in 2023 to £10.7m in 2024. Having continued to keep a close eye on expenditure incurred in all areas, the company achieved pre-tax profits of £1.6m (2023 - £1.6m). As a result, the net assets of the company increased from £4.3m in 2023 to £5.4m. Business from the tourist trade and events in Glasgow have played a key role and we anticipate that the hotel will continue to trade well in the coming year.

PRINCIPAL RISKS AND UNCERTAINTIES

High inflation and an increase in the cost of living in the UK continues to increase the costs of providing goods and services. The company benefits from being part of the Radisson group in that the economies of scale help to keep costs to the hotel as low as possible in many areas, thereby reducing the cost pressures experienced. The Directors are satisfied that any drop in customer demand will be manageable and that the quality of the experience at the hotel will keep many customers coming back, despite the tough economic situation.

The hotel may also be affected by increased competition from new hotel facilities within Glasgow and changes in consumer trends, although the Directors are of the opinion that the unique location of the hotel, close to three major event facilities, will reduce the potential effects of these considerations.

ENVIRONMENTAL

The company recognises the importance of environmental responsibilities and has policies in place to manage its impact on the environment (eg. recycling where practicable). We continue to look for new ways to reduce our impact on the environment.

ON BEHALF OF THE BOARD:

Mr D A Sharp - Director

10 July 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of operating a hotel.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

There are no significant plans to change strategy, and efforts will be concentrated on maximising the advantage of the hotel's location next to three of Glasgow's main event facilities. The Directors are confident that the hotel will continue to trade well and generate profits in the months ahead.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr M V Keenan

Mr D A Sharp

Mr D G W Stewart

Mr C D Trainer

Mr K A Vallance

FINANCIAL INSTRUMENTS

The main financial instruments of the company are bank balances, trade debtors and trade creditors. These are managed and monitored through internal control procedures and via monthly management meetings between the Directors and the hotel management team.

DONATIONS

Total donations in the year were £5,522 (2023: £11,000).

ENGAGEMENT WITH EMPLOYEES

The company keeps its employees up to date on all matters relevant to the future of the company and their role within it. Employees are kept informed regarding the management structure of the company and the processes and procedures required by their role.

The company is an equal opportunity employer and is committed to positive policies in recruitment, training and career development for all colleagues (and potential colleagues) regardless of marital status, religion, colour, race, ethnic origin or disability.

Full consideration is given to application for employment by disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing colleagues become disabled it is the company's policy, where practical, to provide continuing employment under similar terms and conditions and to provide training and career development.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Stevenson & Kyles, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D A Sharp - Director

10 July 2025

Opinion

We have audited the financial statements of Forrest Hotels Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Auditor's approach to assessing the risks of material misstatement due to irregularities

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. Those that have a direct impact include: FRS 102, Companies Act 2006, UK tax laws, Alcohol Licensing and the Food Safety Act 1990. Those that have an indirect impact include: employment matters, health and safety regulations, data protection laws, and television licensing requirements. We then considered the extent to which non-compliance might have a material effect on the financial statements.

We assessed the risk of material misstatement in respect of fraud and made enquiries of management as to the existence of, or any evidence of, actual or suspected instances of fraud. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls.

Audit procedures designed to respond to the risk of non-compliance with laws and regulations

Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations identified above. We made enquiries of management and those charged with governance as to any non-compliance and corroborated responses given by review of relevant certificates and correspondence. We reviewed legal costs incurred by the client for evidence of any undisclosed matters.

Compliance with the requirements of the accounting standards and Company Law in terms of the form and content of the accounts was ensured using disclosure checklists and through vouching of disclosures to supporting documentation.

Audit procedures designed to respond to the risk of fraud

In response to the risk of fraud through management override, we incorporated testing of manual journal entries into our audit approach. In order to address the risk of fraud in relation to recognition of revenue we undertook substantive testing of revenues earned.

Considerations around likelihood of detection

There are inherent difficulties in the audit process described above to detect the existence of irregularities. We have mitigated these limitations by assessing the adequacy of the company's internal controls including the existence of appropriate segregation of duties and by the nature, timing and extent of the audit procedures involved, by introducing an element of unpredictability in our sampling and testing.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Amardeep Kalsi CA (Senior Statutory Auditor)

for and on behalf of Stevenson & Kyles

Chartered Accountants

Statutory Auditor

25 Sandyford Place

Glasgow

G3 7NG

10 July 2025

TURNOVER

10,682,284

9,576,415

Cost of sales

2,344,021

2,199,144

GROSS PROFIT

8,338,263

7,377,271

Administrative expenses

6,566,229

5,775,415

1,772,034

1,601,856

Other operating income

3

115,423

144,218

OPERATING PROFIT

5

1,887,457

1,746,074

Interest receivable and similar income

41,206

19,728

1,928,663

1,765,802

Interest payable and similar expenses

6

312,802

158,880

PROFIT BEFORE TAXATION

1,615,861

1,606,922

Tax on profit

7

526,519

436,833

PROFIT FOR THE FINANCIAL YEAR

1,089,342

1,170,089

Retained earnings at beginning of year

4,070,400

2,900,311

RETAINED EARNINGS AT END OF YEAR

5,159,742

4,070,400

FIXED ASSETS

Tangible assets

8

34,569,684

29,574,367

CURRENT ASSETS

Stock

9

90,980

79,821

Debtors

10

518,598

1,383,263

Cash at bank and in hand

745,519

218,118

1,355,097

1,681,202

CREDITORS

Amounts falling due within one year

11

29,082,113

25,687,685

NET CURRENT LIABILITIES

(27,727,016

)

(24,006,483

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,842,668

5,567,884

PROVISIONS FOR LIABILITIES

12

1,417,640

1,232,198

NET ASSETS

5,425,028

4,335,686

CAPITAL AND RESERVES

Called up share capital

13

1,000

1,000

Revaluation reserve

14

264,286

264,286

Retained earnings

14

5,159,742

4,070,400

SHAREHOLDERS' FUNDS

5,425,028

4,335,686

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2025 and were signed on its behalf by:

Mr D A Sharp - Director

1.	STATUTORY INFORMATION

Forrest Hotels Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for land which is included at valuation.

Going concern

The Directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. In satisfaction of this responsibility the Directors have considered the company's ability to meet its liabilities as they fall due. The company has net current liabilities and is dependant on continued support provided by its fellow associated undertakings. Having considered the group's principal risks, its working capital requirements and cash flows, the Directors consider that sufficient support for the company is available and it is appropriate to prepare the financial statements on the going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

This information is included in the consolidated financial statements of Forrest Developments Holdings Limited as at 31 December 2024 and these financial statements may be obtained from 7 Seaward Street, Paisley Road, Glasgow, G41 1HJ.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Property, fittings and equipment

Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the accounting policies. The selection of these residual values and estimated useful lives requires the exercise of judgement.

The company is required to assess whether there is indication of impairment to the carrying value of assets. In making that assessment judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Turnover

Turnover, which is stated net of value added tax, represents amounts due in respect of goods supplied and services rendered. The company recognises revenue at the point at which the company has acquired a contractual or legal entitlement to amounts concerned and where such amounts can be reliably measured. Turnover is attributable to the one continuing activity, that of owning and operating a hotel.

Tangible fixed assets

Fixed assets are initially recorded at cost and subsequently measure at cost less accumulated depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset less residual value over its estimated useful life.

Heritable property

2% on cost

Heritable land

not depreciated

Fittings and equipment

10% - 25% reducing balance

Stocks

Stock, comprising food, drink and other consumables, is valued at the lower of cost and estimated selling price, less costs to complete and sell. In making this estimation the directors have made due provision for any obsolete and slow moving items.

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the statement of income and retained earnings in administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Staff bonuses, holiday pay and other benefits

Staff bonuses are recognised in the financial statements when contractual commitments make such payments likely and where amounts payable are reliably measured. Accrued holiday pay is estimated on the basis of the difference between the holiday entitlement earned by an employee and the entitlement used and or scheduled to be used to date.

3.	OTHER OPERATING INCOME

31.12.24

31.12.23

£

£

Rental income

113,770

135,017

Sundry receipts

1,653

9,201

115,423

144,218

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,663,388

2,439,795

Social security costs

210,009

185,843

Other pension costs

75,107

66,884

2,948,504

2,692,522

The average number of employees during the year was as follows:

31.12.24

31.12.23

Executives

2

2

Finance staff

2

2

Operations staff

134

136

138

140

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

Key management personnel are restricted to directors.

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Hire of plant and machinery

17,893

10,462

Depreciation - owned assets

839,510

730,233

Auditors' remuneration

16,328

19,311

Foreign exchange differences

9,447

6,770

Auditors' remuneration includes £3,500 for non-audit services (2023: £3,500).

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Other interest payable

312,802

158,880

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

341,077

355,753

Deferred tax

185,442

81,080

Tax on profit

526,519

436,833

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

1,615,861

1,606,922

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

403,965

401,731

Effects of:

Ineligible depreciation

122,554

93,927

Group relief

-

(36,447

)

Change in tax rate

-

(22,378

)

Total tax charge

526,519

436,833

8.	TANGIBLE FIXED ASSETS

Fittings

Heritable

Heritable

and

property

land

equipment

Totals

£

£

£

£

COST

At 1 January 2024

23,909,315

5,200,000

5,168,933

34,278,248

Additions

5,601,496

-

233,331

5,834,827

At 31 December 2024

29,510,811

5,200,000

5,402,264

40,113,075

DEPRECIATION

At 1 January 2024

1,740,767

-

2,963,114

4,703,881

Charge for year

490,216

-

349,294

839,510

At 31 December 2024

2,230,983

-

3,312,408

5,543,391

NET BOOK VALUE

At 31 December 2024

27,279,828

5,200,000

2,089,856

34,569,684

At 31 December 2023

22,168,548

5,200,000

2,205,819

29,574,367

Heritable land was valued at 31 December 2024 by the Directors. The valuation was arrived at by reference to market evidence of transaction prices for similar holdings in their location. Historical cost was £4,935,714.

9.

STOCK

31.12.24

31.12.23

£

£

Stock

90,980

79,821

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

377,617

400,335

Amounts owed by associates

-

842,452

Prepaid charges

140,981

140,476

518,598

1,383,263

The amounts owed by associates and connected undertakings relate to advances to Forrest Securities Ltd. The amounts are unsecured, interest bearing and repayable on demand.

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

607,938

568,563

Amounts owed to associates

26,620,329

23,893,242

Taxation

42,190

350,753

Social security and other taxes

194,671

320,612

Directors' loan accounts

1,000,000

-

Accrued charges

616,985

554,515

29,082,113

25,687,685

The amounts owed to associated and connected undertakings relate to advances from Forrest Hotel Developments Ltd, Forrest Securities Ltd, Forrest Real Investments Ltd, and Forrest Capital Investments Ltd. The amounts are unsecured, interest bearing and repayable on demand.The Director's Loan is unsecured, interest bearing and repayable on demand.

12.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

Accelerated capital allowances

1,417,640

1,232,198

Deferred

tax

£

Balance at 1 January 2024

1,232,198

Accelerated capital allowances

185,442

Balance at 31 December 2024

1,417,640

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

£1

1,000

1,000

Ordinary shares carry one vote each and rank proportionately with each other in a dividend or distribution of capital.

14.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2024

4,070,400

264,286

4,334,686

Profit for the year

1,089,342

1,089,342

At 31 December 2024

5,159,742

264,286

5,424,028

Called Up Share Capital - represents the nominal value of shares that have been issued.

Retained Earnings - represents all accumulated profit and loss less dividends paid.

Revaluation Reserve - represents all accumulated revaluation gains and losses.

15.	RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

31.12.24

31.12.23

£

£

Purchases

59,953

65,806

Amount due to related party

19,305,303

19,592,458

Other related parties

31.12.24

31.12.23

£

£

Amount due from related party

-

842,452

Amount due to related party

7,315,026

4,300,784

16.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Forrest Hotel Developments Limited. The ultimate parent company is Forrest Developments Holdings Limited. Forrest Developments Holdings Limited is the largest and smallest company for which consolidated group accounts are prepared. The ultimate controlling party is Mr C D Trainer.